Correlation Between PTT Public and Hydrogen Freehold
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By analyzing existing cross correlation between PTT Public and Hydrogen Freehold Leasehold, you can compare the effects of market volatilities on PTT Public and Hydrogen Freehold and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in PTT Public with a short position of Hydrogen Freehold. Check out your portfolio center. Please also check ongoing floating volatility patterns of PTT Public and Hydrogen Freehold.
Diversification Opportunities for PTT Public and Hydrogen Freehold
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between PTT and Hydrogen is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding PTT Public and Hydrogen Freehold Leasehold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hydrogen Freehold and PTT Public is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on PTT Public are associated (or correlated) with Hydrogen Freehold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hydrogen Freehold has no effect on the direction of PTT Public i.e., PTT Public and Hydrogen Freehold go up and down completely randomly.
Pair Corralation between PTT Public and Hydrogen Freehold
Assuming the 90 days trading horizon PTT Public is expected to generate 5.75 times less return on investment than Hydrogen Freehold. But when comparing it to its historical volatility, PTT Public is 1.61 times less risky than Hydrogen Freehold. It trades about 0.02 of its potential returns per unit of risk. Hydrogen Freehold Leasehold is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 862.00 in Hydrogen Freehold Leasehold on September 2, 2024 and sell it today you would earn a total of 103.00 from holding Hydrogen Freehold Leasehold or generate 11.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.2% |
| Values | Daily Returns |
PTT Public vs. Hydrogen Freehold Leasehold
Performance |
| Timeline |
| PTT Public |
| Hydrogen Freehold |
PTT Public and Hydrogen Freehold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PTT Public and Hydrogen Freehold
The main advantage of trading using opposite PTT Public and Hydrogen Freehold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PTT Public position performs unexpectedly, Hydrogen Freehold can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Hydrogen Freehold will offset losses from the drop in Hydrogen Freehold's long position.| PTT Public vs. IRPC Public | PTT Public vs. PTT Oil and | PTT Public vs. Power Solution Technologies | PTT Public vs. Star Petroleum Refining |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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